In the past few years Michaels Stores, Jimmy Johns, Adobe, Google, Yahoo, LinkedIn, Living Social, Wyndham Hotels and even the U.S. government have all faced data security breaches. More recently, Blue Cross Blue Shield, Anthem, Target and Home Depot were the subjects of similar attacks. In the face of these ever-increasing high-profile data breaches, companies are now realizing that they must take proactive positions against the risk of such loss and ensure that they are doing everything possible to protect themselves and their customers from increasingly sophisticated data breaches. It is now more important than ever for companies to purchase cyber liability insurance coverage or to review their existing insurance portfolio to determine if they have adequate coverage.
While many people associate cyber coverage with insurance to protect a company’s website, cyber risks are far more pervasive. Nearly every company has digitized certain types of information, such as accounting data, customer records and employee information, which are available over a computer network through email or other electronic access. All this digitized data is subject to corruption, loss or theft.
